got my first truck tax questions.

You said that it will be paid off in January, have you been leasing the truck from the company?

LLC, not near enough money involved for this to be a consideration.

You can/should pay quarterly, if you wait to pay your taxes until April 15 there is a "fee" for not paying quarterly estimates, I think it is around $150. I always pay in April, I figure for the small fee that I can do better things (invest) my "tax" money and earn far more than the fee.

The best thing that you can do is find a good CPA that is VERY familiar with trucking, hire them to do your taxes.

 

You need to seek advice from a tax professional. Too many variables you can't give them all to us. I think you have to file quarterly and reconcile annually. Good luck.

 

A trucking CPA is worth every dime they charge, and for what they can save you, they work for a song.

 

All I can say is keep your ducks in a row when it comes to the IRS !!! Like said above get a truckers CPA.

 

I would stay away from ATBS. Find someone local, that way you can go sit in their office and talk face to face with them and discuss tax strategies.

 

LLC gives you liability protection from the company to your personal assets. Because you are the driver you cross the line from personal to company liability. Thus not much protection can be gained from the LLC. Your tax planner can explain in better detail than I can. Good luck.

 

Actually an LLC doesn't give much liability protection due to the fact you are driving the truck. If you were not driving but managing the business, then yep there is a slight protection.

What would offer better liability protection is a corp. even an S corp but also there are ways you can reduce your tax liability with a corp than you can with anything else.

I would go to a CPA and get the right info, tax prepayers are not able to answer your needs.

 

I think its a toss up in this business between an LLC and S corp. I went the S corp route only because I was little more familiar with it from having one before. Its fairly easy to incorporate yourself online. I incorporated my business in the state of Deleware and used an agency down there to take care of it. I think it was around $250.